QBE has noticeably performed better than its peers in recent weeks, although cracks have started to appear this week. The insurer’s result in late February propelled the stock towards multi-year highs, a very different outcome than with IAG. The numbers were good, coming in better than expectations, NPAT ~$US1.78bn vs $US1.71bn and a dividend of 63c vs 53c consensus. The last few years have been around buying the strength, and with regard to the insurance sector, this is QBE. QBE is also forecast to yield around 4,3% for yield-hungry investors, but it’s only part franked.
- We like QBE ~6% lower, an achievable move in today’s volatile environment.
MM likes QBE around $19.50
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